Par Pacific (NYSE:PARR) Shares Down 5.8% After Analyst Downgrade

Key Points

• Par Pacific shares fell 5.8% after Mizuho downgraded the stock from outperform to neutral and set a $91 price target. Trading volume was 61% below the average.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $85.14, though ratings and targets vary widely.
• Par Pacific reported strong recent quarterly results, including $10.10 in EPS versus an $8.22 estimate and 56.8% year-over-year revenue growth. Insiders have sold 54,248 shares worth approximately $4.4 million over the past 90 days.

Par Pacific Holdings, Inc. (NYSE:PARR - Get Free Report)'s stock price fell 5.8% on Friday after Mizuho downgraded the stock from an outperform rating to a neutral rating. Mizuho now has a $91.00 price target on the stock. Par Pacific traded as low as $83.83 and last traded at $82.5880. 454,624 shares were traded during trading, a decline of 61% from the average daily volume of 1,155,924 shares. The stock had previously closed at $87.65.

PARR has been the subject of several other research reports. TD Cowen reduced their price objective on shares of Par Pacific from $100.00 to $95.00 and set a "buy" rating for the company in a research note on Friday, August 7th. UBS Group reissued a "neutral" rating on shares of Par Pacific in a research report on Wednesday, August 26th. The Goldman Sachs Group boosted their price target on Par Pacific from $77.00 to $92.00 and gave the stock a "buy" rating in a research report on Thursday, July 23rd. Weiss Ratings upgraded Par Pacific from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, September 8th. Finally, Raymond James Financial increased their price objective on Par Pacific from $90.00 to $104.00 and gave the company an "outperform" rating in a report on Monday, September 14th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $85.14.

Insider Activity

In related news, Director Timothy Clossey sold 10,970 shares of the stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $84.00, for a total transaction of $921,480.00. Following the completion of the sale, the director owned 51,526 shares in the company, valued at $4,328,184. This represents a 17.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Danielle Mattiussi sold 3,278 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $67.29, for a total value of $220,576.62. Following the completion of the sale, the insider directly owned 27,878 shares in the company, valued at $1,875,910.62. This trade represents a 10.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 54,248 shares of company stock valued at $4,394,057. 3.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Par Pacific

Hedge funds and other institutional investors have recently modified their holdings of the stock. NewEdge Advisors LLC bought a new stake in Par Pacific in the 1st quarter valued at $26,000. EverSource Wealth Advisors LLC increased its holdings in shares of Par Pacific by 32.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 713 shares of the company's stock worth $45,000 after purchasing an additional 173 shares during the period. C M Bidwell & Associates Ltd. acquired a new position in shares of Par Pacific during the second quarter valued at about $66,000. Rockefeller Capital Management L.P. raised its position in shares of Par Pacific by 385.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,962 shares of the company's stock valued at $69,000 after buying an additional 1,558 shares during the last quarter. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of Par Pacific in the second quarter valued at about $121,000. Institutional investors and hedge funds own 92.15% of the company's stock.

Par Pacific Trading Down 5.8%

The firm has a market capitalization of $4.14 billion, a price-to-earnings ratio of 4.85 and a beta of 0.75. The business has a 50-day moving average of $80.10 and a two-hundred day moving average of $68.72. The company has a quick ratio of 0.76, a current ratio of 1.84 and a debt-to-equity ratio of 0.38.

Par Pacific (NYSE:PARR - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $10.10 EPS for the quarter, beating the consensus estimate of $8.22 by $1.88. Par Pacific had a return on equity of 56.19% and a net margin of 9.94%.The firm had revenue of $2.97 billion during the quarter, compared to analysts' expectations of $2.40 billion. During the same quarter in the prior year, the firm posted $1.54 EPS. The company's revenue for the quarter was up 56.8% on a year-over-year basis. Research analysts predict that Par Pacific Holdings, Inc. will post 23.74 EPS for the current fiscal year.

About Par Pacific

Par Pacific Holdings, Inc is an energy company engaged in refining, marketing and distributing transportation fuels and other petroleum products. Through its refining operations, the company produces gasoline, diesel, jet fuel, asphalt and other refined products for commercial, industrial and retail customers.

Par Pacific operates refineries and related energy infrastructure in the western United States, with a significant presence in Hawaii and additional refining and logistics operations in the Pacific Northwest and Rocky Mountain regions.

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